Rising Reykjavík Property Prices

Property prices continue to rise in Reykjavík, partly because of pressure from the tourist rental market,RÚV reports. More than 4,000 apartments in Iceland are rented out to tourists, SA-Business Iceland estimates. The price per square meter has gone up by more than ISK 100,000 (EUR 678, USD 777) in multi-family homes in the past five years in older parts of the city, Iceland Review writes.
Another explanation for higher property prices is lack of supply, an Expert explains to the newspaper: “After the crash, we’re in a situation where building costs are higher than property prices. Therefore, building contractors don’t have the incentive to begin new construction, so there is this lack of supply and that has put pressure on property prices.”

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